Retail Ireland Monitor July 2022
Inflation continues on its upward trajectory. While consumer sentiment has dropped sharply over recent months, this has yet to feed through into headline retail sales figures. Compared with February 2020 (27 months earlier and pre-Covid), the volume of retail sales in May this year was 7.2% higher. Consumer outlook of their own personal finances has also remained steady. The prospect of interest rate hikes and higher autumn/winter energy bills could change this though.
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